Immunovant, Inc. (NASDAQ:IMVT) Short Interest Update

Immunovant, Inc. (NASDAQ:IMVT) was the recipient of a large increase in short interest in March. As of March 31st, there was short interest totalling 19,690,000 shares, an increase of 24.6% from the March 15th total of 15,800,000 shares. Based on an average daily volume of 1,700,000 shares, the short-interest ratio is presently 11.6 days. Currently, 28.9% of the shares of the stock are sold short.

Insider Transactions at Immunovant

In other news, CEO Peter Salzmann sold 28,094 shares of the company’s stock in a transaction that occurred on Wednesday, April 9th. The stock was sold at an average price of $12.99, for a total value of $364,941.06. Following the completion of the sale, the chief executive officer now directly owns 1,186,512 shares in the company, valued at $15,412,790.88. This represents a 2.31 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CTO Jay S. Stout sold 2,195 shares of the firm’s stock in a transaction dated Wednesday, January 22nd. The stock was sold at an average price of $23.59, for a total transaction of $51,780.05. Following the sale, the chief technology officer now owns 139,991 shares of the company’s stock, valued at approximately $3,302,387.69. The trade was a 1.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 52,260 shares of company stock valued at $804,665 in the last three months. 5.90% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Immunovant

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. FNY Investment Advisers LLC bought a new position in Immunovant in the 1st quarter worth approximately $34,000. GF Fund Management CO. LTD. acquired a new position in Immunovant in the fourth quarter worth approximately $76,000. KBC Group NV raised its position in shares of Immunovant by 60.1% during the fourth quarter. KBC Group NV now owns 3,099 shares of the company’s stock worth $77,000 after purchasing an additional 1,163 shares during the period. Ameriprise Financial Inc. acquired a new position in shares of Immunovant in the fourth quarter worth about $221,000. Finally, KLP Kapitalforvaltning AS purchased a new position in Immunovant during the 4th quarter worth approximately $268,000. 47.08% of the stock is currently owned by institutional investors and hedge funds.

Immunovant Stock Performance

Shares of NASDAQ:IMVT traded down $0.69 during mid-day trading on Monday, hitting $14.46. 3,072,657 shares of the company traded hands, compared to its average volume of 1,197,309. The firm’s 50 day simple moving average is $18.05 and its 200 day simple moving average is $23.56. The firm has a market cap of $2.46 billion, a P/E ratio of -5.52 and a beta of 0.81. Immunovant has a 52-week low of $12.72 and a 52-week high of $34.47.

Immunovant (NASDAQ:IMVT) last posted its quarterly earnings results on Monday, February 10th. The company reported ($0.76) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.68) by ($0.08). Equities research analysts expect that Immunovant will post -2.69 EPS for the current fiscal year.

Analyst Ratings Changes

Several brokerages recently weighed in on IMVT. Bank of America decreased their price target on shares of Immunovant from $38.00 to $33.00 and set a “buy” rating for the company in a research note on Thursday, March 20th. Wolfe Research lowered shares of Immunovant from an “outperform” rating to a “peer perform” rating in a research note on Friday, January 3rd. Cantor Fitzgerald upgraded Immunovant to a “strong-buy” rating in a research note on Tuesday, March 4th. Guggenheim restated a “buy” rating on shares of Immunovant in a research report on Thursday, March 20th. Finally, HC Wainwright reissued a “buy” rating and issued a $51.00 price objective on shares of Immunovant in a research note on Wednesday, March 19th. One research analyst has rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $41.00.

About Immunovant

Immunovant, Inc, a clinical-stage biopharmaceutical company, develops monoclonal antibodies for the treatment of autoimmune diseases. It develops batoclimab, a novel fully human monoclonal antibody that target the neonatal fragment crystallizable receptor for the treatment of myasthenia gravis, thyroid eye disease, chronic inflammatory demyelinating polyneuropathy, and Graves diseases, as well as warm autoimmune hemolytic anemia.